Who can apply?
Startups/teams applying for the programme should already have formed teams with members having relevant experience. Only startups satisfying the following criteria may apply for the programme:
- Already formed team
- At least one (co)founder should be of Armenian descent
- Age of founders should be between 18-35
- Ready to settle and do business in Armenia or Artsakh
Only 2 members from a startup/team will be invited to participate in the programme.
Application deadline: September 13, 2018
Eligible Startup Stage
Only teams from pre-seed to startup stage are eligible to apply for participation in the programme. For the purposes of this programme the company can be considered eligible, if its product is in any of these development phases: Pre-product/R&D, Concept, Prototype, Minimum Viable Product (MVP), Initial revenue (Achieving sales). See the description of company stages, considering the product development phases, in the table below:
|Idea/Pre-seed||Team||Team has already been formed, founders can be involved in the project not full time at this stage.|
|Customers||The team can define who is the typical customer for his product and has already identified main customers.|
|Revenue||The team has already defined business model, understands what cost/revenue streams can be, and is working to develop pricing/revenue structure. The team has no revenue.|
|Product||The team has already developed a concept, which can be adjusted during the R&D process.|
|Development/Seed||Team||The team consists of full-time founder(s).|
|Customers||The company is in discussions with potential customers to determine demand in the market.|
|Revenue||The pricing/revenue structure has been developed, but needs market validation. The company has no revenue.|
|Product||The prototype is ready.|
|Startup||Team||The team consists of full-time founder(s) and is in the process of hiring initial employees as needed.|
|Customers||The company has received letters of intent or customer commitments and the market need has been validated.|
|Revenue||The company may be collecting revenue.|
|Product||A minimum viable product has been launched.|
Programme Process Description:
Programme process flow would have the following phases:
- 1. Submission
- Startups fill application form and submit via GUST. Having account in GUST is required.
- 2. Pre-screening
- Pre-screening will be conducted by reviewing application forms of the applicants.
- 3. Screening
- Screening is the process of evaluation to select only the most promising companies to participate in the Programme through applications.
- 4. Selection
- According to screening and evaluation results, startups will be selected for participation in the Programme.
- 5. Participation in Programme
- 2 members from each selected startups will be invited to participate in the Programme.
- 6. Pitching
- In the end of Programme, after participation in coaching and mentorship sessions each team will pitch its solution to the jury to compete for investment grant.
- 7. Grants and awards provision
- Grants and awards will be provided, when the winning teams:
– Submit a proof of the formal company within 6 months from the end of the programme with at least one of the attendees as a founding member,
– Provide a bank account under the company’s name.
Benefits proposed by Organizers
Selected startups will receive full funding for 2 members for the following:
- Airplane tickets (the complete financing is in stage of negotiation)
- Accommodation and meals
- Local transportation
- Cultural programme and site visits
Innovation Grants and Ecosystem Awards:
- Up to 10 best teams will be awarded with Innovation Grants after settling in Armenia or Artsakh
- Startups registered in Armenia or Artsakh will receive special Ecosystem Awards:
- Free legal and taxation counseling
- Membership in FAST Startup Studio for 4 months (co-working space and coaching programme)
- 8 months Fellowship programme in Impact Hub
- Mentorship and coaching by field experts
- Support of partner organizations
Why to Apply?
The entrepreneurs will explore ways to improve each of their startup’s four capacities:
- Intellectual: exploring individual and team competencies and plans that generate genuine value for people and the business,
- Network: exploring access to relevant skilled people and to market,
- Financial: exploring access to capital,
- Core: exploring proper individual and team motivation.
- Return to homeland
- Unique opportunities for expats to do business in Armenia
- Strong governmental support
- Assistance in relocation and settlement in Armenia
- Create employment opportunities in Armenia
- Support the country to enhance startup ecosystem